1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Toshiba to pay $3.68bn for 2 nuclear plants after US subsidiary files for bankruptcy www.rt.com

 
Embattled Japanese conglomerate Toshiba has agreed to pick up the $3.7 billion tab for its faltering nuclear engineering division, Westinghouse, which has been forced to file for Chapter 11 bankruptcy protection.
Toshiba signed on for the construction of two nuclear reactors at the Vogtle nuclear plant in Georgia in 2008 but the project has been plagued by cost overruns and delays for years.
“We are pleased with today’s positive developments with Toshiba and Westinghouse that allow momentum to continue at the site while we transition project management from Westinghouse to Southern Nuclear and Georgia Power,” said Georgia Power CEO Paul Bowers, the utility which is working with Westinghouse on the Vogtle nuclear plant expansion project, as cited by the AP.
The Japanese company will cap its liability for the construction of two of Westinghouse’s AP1000 reactors at the Vogtle nuclear plant in Georgia but the future of the development remains uncertain.
Government intervention may be required, however, as suggested by Tom Fanning, CEO of the Southern Company which is in talks to take over management of the project from Westinghouse.
“This is a national security issue,” he said on a recent a call to analysts, as cited by the Financial Times. “If the United States wants nuclear in its portfolio for the future, we’ve got to figure out a way to be successful here.”
In a statement Saturday, Toshiba confirmed the payments will be made from October 2017 through to January 2021. The company reported $8.6 billion loss for fiscal year ended March 2017.
Toshiba has factored the payment into its earnings reports. Auditors though, have refused to endorse the reports and are viewing the figures as projections and not true financial reports.
Toshiba is struggling to stay afloat financially and has been forced into selling its lucrative and highly prized computer chip and semiconductor business.
Toshiba President, Satoshi Tsunakawa, has acknowledged the flaws in the company's strategy regarding Westinghouse, reports the AP, but nuclear power will remain part of Toshiba's near-term business strategy which includes the decommissioning of the Fukushima Dai-ichi nuclear plant.
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President attends opening ceremony of Astana Expo www.montsame.mn

 
Ulaanbaatar /MONTSAME/ On the sidelines of the 17th Shanghai Cooperation Organization Summit, President of Mongolia Ts.Elbegdorj attended the opening ceremony of Astana Expo 2017 on June 10, Friday in Kazakhstan.
 
Following the invitation of Nursultan Nazarbayev, President of Kazakhstan in 2014, Mongolia began participating in the international expo which will run until September 10.
 
The 2017 Astana Expo is being held under the theme ‘Future Energy’, gathering exhibitors from over 100 countries around the world and more than 20 international organizations.
 
In conjunction with the expo, business forums, national days and cultural performances under over 20 themes will be organized, attracting around 5 million visitors to the Kazakh capital.
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John Grogan Chairman of Mongolian-British Chamber of Commerce elected as an MP of British Parliament. www.mongolianbusinessdatabase.com

Britain's Prime Minister Theresa May seeks to form a new government despite her Conservative Party's loss of its majority in Thursday's general election.

PM May's Conservatives won 318 seats, a sharp drop from the pre-election total of 330. The party needed to secure 326 for a majority. 
 The opposition Labour Party won 262. 
The Scottish National Party secured 35 seats and the Liberal Democrats took 12.

The Keighley seat was gained for Labour by John Grogan (Chairman of Mongolian-British Chamber of Commerce) who had a majority of just 249 over the Conservative, Kristan Hopkins.

The MBCC is a not-for-profit membership organisation established in 2009 to foster strong business links between Mongolia and the UK. Chaired by Mr John Grogan, it aims to provide a professional and social environment for business people who wish to be introduced to, and become part of, the British-Mongolian business culture and community.

John was awarded the Order of the Polar Star, Mongolia's highest national honor for foreign nationals according to his great effort for the mission.

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EBRD approves new country strategy for Mongolia www.ebrd.com

Four-year plan to strengthen resilience and competitiveness

The EBRD Board of Directors has adopted a new country strategy for Mongolia which outlines the Bank’s investment priorities in the country for the next four years.

The strategy builds on the Bank’s strong operational engagement in Mongolia and identifies as strategic priorities for the EBRD’s work in the country:

Enhancing Mongolia’s resilience by strengthening the competitiveness of the non-extractive sector and easing access to finance. The Bank will support efforts to make the country’s wider economy more competitive and resilient. It will continue providing advice to small and medium-sized enterprises by financing projects that promote innovation, the transfer of skills, and improved corporate governance.
Leveraging a well-governed mining sector to enhance sustainability and maximise value-creation. The mining sector requires further reform and investment to ensure sustainable and inclusive growth. The EBRD will continue to support responsible mining and will seek to deepen value-chain opportunities through upstream financing.
Improving the quality and sustainability of infrastructure services through increased efficiency, commercialisation and “green” solutions. Modernising Mongolia’s infrastructure is crucial for the country’s sustainable development across all sectors. The EBRD will also look to enhance connectivity and regional integration through rail and road projects and support public-private partnerships in the energy sector.
Irina Kravchenko, EBRD Head of Mongolia, said: “The new strategy is an important achievement in the history of our engagement in the country and sets out our strategic priorities for the next four years. The strategy was closely coordinated with the government and it will allow us to make a meaningful contribution towards building a more resilient, diversified and competitive economy through progress in reform, diversification and sustainability.”

Since the start of its operations in Mongolia in 2006, the EBRD has invested over €1.4 billion in more than 80 projects in various sectors of the country's economy.

 
 
 
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Khukh Tsav cement plant to begin operation www.montsame.mn

 
Ulaanbaatar /MONTSAME/ The opening ceremony of Mongolyn Alt Corporation’s (MAK) Khukh Tsav Cement Plant is taking place today, on May 9. The cement plant, which was planned to start operating in the first quarter of 2017, is capable of processing 1 million tons of cement per annum. Located in Dalanjargalan soum of Dornogobi aimag, Khukh Tsav Cement Plant was established with a total investment of USD 331 million.
 
The cement plant is capable of occupying 30-40 percent of the total domestic cement market. Mongolyn Alt Corporation informed that the cement plant is providing 700 new workplaces. Including Khukh Tsav Cement Plant, 8 cement plants are operating in Mongolia. The other seven plants have a capacity of processing 4.3 million tons of cement per annum.
 
In addition, “Munkhiin Bayan Gal” LLC’s cement plant, which has been operating for 2 years with Chinese investment, is competing with domestic manufacturers. The plant is also capable of processing 1 million tons of cement per annum. However, the plant only processed around 100 thousand tons of cement last year. The company is expected to produce 300 thousand tons of cement this year.
 
Furthermore, two other cement plants are being built in Bayan-Ulgii aimag. The Ministry of Mining and Heavy Industry previously informed that the construction process was at 40-80 percent. And “Hermes Tsakhiur” LLC’s cement plant received their license to construct a plant, but the construction hasn’t started yet.
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Mongolia, IMF To Develop Blueprint For Tax Reform www.tax-news.com

Mongolia is to work with the International Monetary Fund from August to review the tax settings for the country's mining sector and to reform the value-added tax regime.
 
The IMF said it will provide technical assistance to help make changes to the country's tax on mining "revenue-neutral or revenue-enhancing" and more efficient.
 
Explaining the issues being considered, the IMF said: "An appropriate tax regime for mining is... important, with the aim being to continue to incentivize participation by foreign companies, with their specialized expertise, while allowing Mongolia to gain the benefits from its resource endowment. Mining is a relatively capital-intensive sector with limited spillovers, and it will principally be by channeling tax revenues from the sector into the economy that the country will be able to make progress. While existing agreements will be respected, the mining tax regime for future projects will be considered as part of a comprehensive review of the tax system that the authorities are undertaking."
 
An IMF working group will submit its report by end-December 2017. It will cover value-added tax reform also and, to a lesser extent, business taxation.
 
In 2014, Mongolia's parliament approved a sharp reduction in the country's tax on gold mining, as well as the elimination of its royalty rate, in an attempt to cut smuggling and illicit mining. The gold mining tax was reduced from 10 percent to 2.5 percent for those gold miners that sell their production via the central banks or approved commercial banks.
 
Discussing policies outside the mining sector, Mongolian authorities told the IMF that it intends to review petroleum tax rates; increase excise duties on vehicles and tobacco; make the personal income tax regime more progressive; withholding tax will be applied more broadly; and social security contribution rates will be hiked significantly over three years until 2020.
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Parliament appoints new Minister of Education www.montsame.mn

Ulaanbaatar /MONTSAME/ During its plenary session on June 9, Friday, Parliament backed Prime Minister J.Erdenebat’s proposal to appoint academician G.Chuluunbaatar as the Minister of Education, Culture, Science and Sports.

Following the Prime Minister’s proposal to Parliament Speaker M.Enkhbold, Mongolian People’s Party group in Parliament met and supported the proposal on the same day, June 8.

Parliament thus voted up the appointment of the new Education Minister to succeed J.Batsuuri who was dismissed last week in the aftermath of national examination material leaks.

Members of Parliament entrusted the newly appointed Minister to pay special attention to education policy issues, initiate the mission to relocate universities and colleges outside of the capital city, improve the quality of primary and secondary education and develop educational infrastructure.

The newly appointed Education Minister studied philosophy and social science at the National University of Mongolia, and he has worked in a number of academic and research institutes.

Prior to his appointment, G.Chuluunbaatar has been serving as Director of Institute of Philosophy of Mongolian Academy of Sciences since 2013. He worked as President of Mongolian Academy of Governance in 2008-2013. He was Chief Advisor to Parliament Speaker from 2000 to 2008.
Kh.Aminaa

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Kincora Expansion Update: Newly Issued License and Drops Ground www.kincoracopper.com

Kincora Expansion Update: Newly Issued License and Drops Ground
· Mongolian Government issues the new Shavagtai exploration licence to Kincora
· Shavagtai increases Kincora’s footprint around one of the most important untested intrusive complex’s in the world-class Southern Gobi copper belt
· Shavagtai is adjacent to Kincora’s Khuren Tsav licence, which hosts the Bayan Tal target, a large scale copper-gold mineralized system, with previously recorded Devonian age comparable to Oyu Tolgoi
· Kincora has elected to relinquish licence areas which do not meet our rigorous exploration criteria, dropping 103 km2of the Amtgain Toirom license
· Kincora’s dominant landholding in the region now totals 1437 km2, as exploration and expansion activities continue and activities of others increase in the belt
Vancouver, BC — June 8th, 2017
Kincora Copper Limited (the “Company”, “Kincora”) (TSXV:KCC) is pleased to announce the recent issuance by the Mineral Resources, Petroleum Authority of Mongolia (“MRPAM”) of a new copper-gold exploration license adjoining one of our existing and large scale priority exploration licenses that hosts the Bayan Tal Igneous Complex (“BTIC”).
Limited previous exploration at the Bayan Tal target on the Khuren Tsav license returned favourable copper-gold widths and grades on or near to the distal southern outcropping margin of an interpreted large-scale target at shallow to moderate cover with the first comparable Devonian age stratigraphy and conglomerate to Oyu Tolgoi (“OT”), since OT. Previous results include 18m @ 0.75% Cu Eq (trench)and 18m 0.66% Cu Eq in drill hole IBEX006.
The new Shavagtai license is the second Kincora has secured via the direct application system since the new ground in the eastern section of the country was opened up in the second half of 2015 following a 5-year moratorium for issuing new exploration licenses. Other larger-scale and longer-term explorers in the belt have also been successful securing new ground in this belt and are now resuming exploration activities (refer to Figure-2 in the Appendix to this press release). As stated by Minister of Mining and Heavy Industry, Dashdorj Tsedev, at PDAC earlier this year, it is proposed that total land available for exploration in Mongolia will be increased from the current 9.6% to 20.9%.
Sam Spring, President and CEO commented, "It is pleasing to see our portfolio increase around the mineralized Bayan Tal target which is one of the most advanced and prospective untested intrusive complex’s in the Oyu Tolgoi-Tsagaan Suvarga Devonian copper belt.
The new license, in addition to the issuance of our Red Well license last year (noting drilling activities currently ongoing on an adjacent license by large scale incumbent), further demonstrates Kincora’s ability to pick up prospective exploration land in Mongolia. Our regional exploration across the belt, expansive proprietary database, existing network, unique Technical Committee credited multiple Tier 1 copper discoveries, and year round Southern Gobi camp provides a competitive advantage for new project generation.
Discussions remain ongoing for more advanced and/or strategically important new opportunities to provide further scale and continue our counter-cyclical expansion and exploration strategy. There has been a noticeable increase in activities in the belt, with increasing exploration and drilling activities, incumbents expanding land holdings and new entrants undertaking due diligence.
Post the IBEX transaction being completed late last year further additions of strategic land and divestments of less prospective licenses will be part of Kincora’s ongoing strategy and has become possible since favourable changes to the Mongolian mining sector’s legislative environment. Following recent exploration activities, 103 km2of unprospective ground has been voluntarily relinquished as we undertake the first modern systematic Tier 1 drill testing and district scale reconnaissance exploration program the world-class, under-explored Southern Gobi Devonian copper gold belt.”
 
Background
Kincora is pleased to announce that its wholly owned subsidiary Golden Grouse Ibex LLC has been granted a new exploration license by the Mineral Resources, Petroleum Authority of Mongolia (“MRPAM”, previously known as the Mineral Resources Authority of Mongolia, “MRAM”) that covers 20km2, named “Shavagtai” (Sagebrush), and is located adjacent to its existing Khuren Tsav, 14396 license (403km2).
The issuance of the Shavagtai license with full 12 year term follows Kincora in February 2016 securing the “Ulaan khudag” (Red Well) license, located as close as 15km along trend from the Oyu Tolgoi and Shivee Tolgoi mineralized systems (the former which extends a known 26km’s) at the Oyu Tolgoi project, and the eastern section of the country only being opened up in the second half of 2015 following a 5 year moratorium for issuing new exploration licenses.
As part of a standard procedure going forward for all licenses, our Technical Committee has reviewed the Amtgain Toirom, 14876 license to ensure it fits within our exploration parameters and following recent activities, on this licenses and across the belt, including last years extensive ground magnetics survey and historical Induced Polarisation (“IP”), 103km2of the original 162km2license has been voluntarily relinquished as Kincora advances its wholly owned and dominant land position in the belt up the value curve.
 
 
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OPIC, IFC, AND Xacbank supporting women-owned businesses in Mongolia www.opic.gov

WASHINGTON, DC – The Overseas Private Investment Corporation (OPIC), IFC (International Finance Corporation), and XacBank LLC today signed a loan agreement to support access to finance in Mongolia for women-owned small and medium sized (SME) businesses.

In Mongolia, while 64 percent of SMEs are women-owned, the majority are underserved or unserved by financial institutions. Through cooperation with XacBank, this commitment seeks to provide the financing needed by women-owned SMEs in the country and offer better financial and business advisory services to women entrepreneurs.

“Women entrepreneurs are critical to economic growth and development in Mongolia. During a time when the majority of women-owned SMEs in Mongolia are underserved or unserved by financial institutions, OPIC is proud to partner with IFC and Xacbank to help these female entrepreneurs gain access to finance and new opportunities,” said Acting OPIC President and CEO Dev Jagadesan.

Marcos Brujis, IFC Director of Financial Institutions Group said, “Strong economic growth cannot be attained without gender equality and the empowerment of one-half of the world’s population. IFC’s Banking on Women program, and partnerships like this with OPIC and XacBank, have a critical role to play in unlocking and financing the vast untapped potential of female entrepreneurs.”

"SMEs constitute a vital part of the economic foundation of Mongolia. XacBank has been a front runner in providing financial solutions to small businesses and entrepreneurs. Together with OPIC and IFC, XacBank is opening new opportunities for SMEs and providing competitive financing opportunities," said Xacbank’s President Amartuvshin Hanibal.

The commitment is part of OPIC’s target goal of providing $100 million in loans to women owned SMEs as part of the Women Entrepreneurs Opportunity Facility (WEOF) by March 2022. WEOF is a Goldman Sachs Foundation and IFC partnership to increase access to capital for women entrepreneurs in emerging markets.

Launched in late 2010, IFC’s Banking on Women business invests in and provides advisory services to financial institutions to scale up and improve financial and non-financial services for women and women-led SMEs globally. Through Banking on Women, IFC has US $1.36 billion in cumulative investment commitments in 43 projects in 24 countries dedicated to financing women SME customers, and has led 33 advisory services projects with financial institutions in 23 countries to scale up financial and non-financial services to women customers.

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The first car-free and nightlight street of UB www.news.gogo.mn

The opening ceremony of the first car-free and nightlight street of Ulaanbaatar city has commenced yesterday (Jun 8). 

City Mayor and Ulaanbaatar City Governor has set a goal to make Ulaanbaatar city as tourism and business hub of Northeast Asia in 2017-2020. Within the framework, Seoul street was landscaped and became the first car-free and nightlight street. 
The landscaping works include pavement of 440 meters of area, construction of pedestrians, install of screens and 400 seats for the public, restoring plants, and lighting. Moreover, two sides and ceiling of the night street was decorated with lights. 
Program for the opening ceremony of the car-free street:
9th of June 
Music festival 
Jazz and contemporary music performances
Electro dance music show  
10th of June 
National festival
Jazz and classical music performances
Traditional art performance and fashion show 
11th of June 
Family day festival 
Children playground 
Jazz music performances
In scope of the opening events, Seoul street roads will have closures until June 19 at 6 a.m.

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